Homes in the Cedar Rapids metro moved off the market quicker and for more money as the region sees a drop in properties up for sale.
Between July and September, 931 homes were sold in Cedar Rapids, Marion, Hiawatha and Robins, according to data from the Cedar Rapids Area Association of Realtors. On average, those homes sold for more than $184,000 and in just 47 days.
Last year during that time, the average sale price was more than $175,000 and homes were on the market for an average of 53 days.
The recent sale numbers continue a trend for the region, which has seen homes prices increase, sales happen faster and fewer properties listed so far this year. Realtors have said a low inventory of homes has contributed to the increase in home prices. It’s also put pressure on prospective buyers to move faster for fear of losing their ideal home.
“If it’s in a great location and it’s priced right and it’s clean, those are your (homes) that you know are not going to spend even a week on the market,” said Carol Bridgewater-Warner with Ruhl & Ruhl Realtors.
Hopeful homeowners should get preapproved for a mortgage to lessen the time it takes to put an offer down, she said.
“With a market like we’ve seen this year where things are flying off ... they’re not going to have even a chance at putting an offer in without that preapproval,” she said.
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The Cedar Rapids area only had an average of 740 active listings — the number of homes on the market — between July and September. That’s down from 896 for the same time last year and 1,100 in 2015.
The lack of inventory trend locally mirrors one at the national level.
The National Association of Realtors reported sales of existing homes fell in August, marking the fourth time in five months. NAR’s Chief Economist Lawrence Yun blamed the stumble on the declining availability of for-sale homes.
“What’s ailing the housing market and continues to weigh on overall sales is the inadequate levels of available inventory and the upward pressure it’s putting on prices in several parts of the country,” Yun said in a news release last month. “Sales have been unable to break out because there are simply not enough homes for sale.”
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